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Risk Management

When most people think about insurance, they consider the survivor benefits of life insurance; however, with careful planning and a team of knowledgeable experts, insurance can be used as a tool to accomplish strategic goals, such as minimizing taxes, maximizing retirement income, or supporting business retention. At First Western Trust, our in-house insurance planning experts have disciplines in risk management, estate tax law, trusts, and tax planning, which allows us to create a holistic plan that supports your vision for your life.

We incorporate insurance planning into your overall wealth plan to help protect your family through:

  • Tax diversification
  • Charitable giving tax strategies
  • Intergenerational and dynasty trusts to better support family members
  • Deferred-compensation plans to generate retirement savings
  • Irrevocable life insurance trusts to minimize estate taxes
  • Long-term care insurance to reduce the financial impact of illness

For businesses, we use insurance and risk management strategies to support:

  • Executive recruitment and retention
  • Business continuation and succession planning
  • Debt protection
  • Key person insurance to protect your business from executive loss

Our Process

We understand that insurance has many different uses and the intricacies of each policy require a team of experts to design creative solutions that meet our clients’ needs.  To help our clients make appropriate decisions, we follow a thorough process.

  1. We perform a needs assessment to determine areas where you may have gaps. This is both a quantitative and qualitative assessment.
  2. We create a conceptual design of the policy, which addresses the issues of ownership, beneficiary designations, as well as how premiums will be paid.
  3. We conduct a product survey to determine which insurance products best meet your needs.
  4. We start the underwriting process and submit our findings to various companies to garner multiple offers.
  5. We provide ongoing policy support.  This may be coordinated with your other advisors, including our trust department and your tax advisors.

Are your policies helping you accomplish strategic goals, such as minimizing taxes, maximizing retirement income, or supporting business retention? Connect with one of our experts by submitting the form below or call our main line at 303.531.8100.

Investment and insurance products and services are not a deposit, are not FDIC- insured, are not insured by any federal government agency, are not guaranteed by the bank and may go down in value.

First Western Trust Bank cannot provide tax advice. Please consult your tax advisor for guidance on how the information contained within may apply to your specific situation.

Securities offered through Lion Street Financial, LLC, Member FINRA & SIPC. LSF is not affiliated with First Western Trust. Not FDIC Insured – May Lose value – Not a deposit of the bank.  No Bank or Federal Government Agency Guarantees.  Check the background of this firm on FINRA’s BrokerCheck.